Georgia debt consolidation
Georgia debt consolidation and settlement-Get rid of bills in Atlanta
If you're finding it difficult to pay for multiple bills and have already missed a few payments in Georgia, it's time you explore options to get relief from debt.
Options to repay your bills - Consolidation and settlement
There are 2 major options which can help one pay off bills and get rid of stress in Georgia. These are:
Georgia debt consolidation: When you have to pay several bills (such as store/credit cards, payday loans, medical bills, etc.) at different rates of interest, it's better to enroll in a consolidation program. The Georgia debt consolidation companies will let a consultant negotiate with your creditors so that they lower your interest rates and combine all your bills into one monthly payment. Know more....
Another way to consolidate your bills is to apply for an unsecured consolidation loan and use it to clear multiple bills with one large payment. However, Georgia consolidation loans require you to pay out more money as interest over the long life of the loan, than if you were to tackle the bills individually. Know more....
Georgia debt settlement: This is a program available with Georgia settlement companies which negotiate with creditors to forgive a part of your outstanding balance. No doubt, you'll have to pay less since the amount you owe is usually reduced by 40-60%. So, if you're in Atlanta or any other city in Georgia, you may take advantage of Georgia debt settlement programs to get rid of your bills faster. Know more....
Georgia debt consolidation vs settlement
To decide whether you should consolidate bills or go for Georgia debt settlement, analyze your financial situation and calculate the total amount you owe. If you think you can pay your bills at low rates, you may go for consolidation. However, if you're in financial hardship or someone in your family has been under medical treatment which has exhausted your money, you may choose to accumulate funds for a few months and then settle the bills.
Pros and cons of Georgia debt consolidation
Georgia consolidation program has the following pros and cons.
Pros:
- You can replace several bills with a low monthly repayment.
- Late fees or over-limit charges can be reduced or eliminated.
- Clear your dues within a short time period (approx. 4-6 years).
Cons:
- Some companies scam debtors by charging huge upfront fees and providing no service. Know how to avoid consolidation scams.
- You pay more in interest over the long term than if you stick to the original repayment plan.
Pros and Cons of Georgia/Atlanta debt settlement
Prior to settling bills in Atlanta, Georgia, you must be aware of the pros and cons of doing so. A settlement program does eliminate a part of your balance and enable you to clear dues faster. But as per IRS rules, you'll have to pay tax on the amount your creditors forgive. Moreover, settling an account for less than what you owe doesn't look good on your credit report. It affects your credit score negatively. However, there are simple ways with which you can get your credit back on track.
3 Tips that may work for you when you consolidate or settle bills
Here are the 3 tips you should follow so as to get success in Georgia debt consolidation or settlement.
- Maintain a record of your expenses: Keep track of your monthly expenses, how much you're paying for your bills and what amount of money you can save. The best way to figure out your spending is to prepare a budget. Stick to your budget and cut back on your expenses if required.
- Put away your credit cards: Don't purchase any item for which you can't pay upfront. This way you can avoid using credit cards for every item you purchase. However, there's no need to close your accounts altogether because it can raise your credit utilization ratio (credit utilized/available credit limit) thereby affecting your credit score.
- Raise your income: Explore ways to increase your income. Try to look for a part-time job to supplement your income and carry out your expenses and liabilities without incurring late payments. Avoid carrying out daily expenses using payday loans and other types of credit.
Faq on Georgia debt consolidation and settlement
Q) I've accumulated dues on 4 internet payday loans. I'm not sure whether pdl lending is legal in Georgia. Can I consolidate internet pdls?
Ans: Pdl lending is considered illegal in Georgia. As such, you don't need to go for Georgia debt consolidation programs. All you need to do is, pay the outstanding principal balance in full. There's no need to pay the accrued interest. So, you may simply request a repayment plan that you can afford.
Q) A collection agency has sent a notice threatening to sue me for an old credit card bill. I have other cards too. I won't be able to pay off the total amount I owe. What's the SOL for cc bill in Atlanta, Georgia?
Ans: The Statue of Limitations (SOL) for credit card bills in Georgia is 6 years. If your account is well past the SOL, you may send an Expired SOL Notification Letter to the CA stating that they shouldn't disturb you for the payments since the account has crossed the SOL. However, if the account is well within the SOL, you may enroll in an Atlanta debt settlement program and get rid of your cc accounts by paying up to 40-60% of what you owe.
Q) I have multiple cc bills from a bank in Georgia. Can it garnish my wages?
Ans: A creditor can garnish wages in Georgia provided it obtains a judgment order from the court. However, if you're struggling with multiple bills and have incurred late fees or exceeded your credit limit, Georgia debt consolidation is what you may need. Get enrolled in a program or apply for a consolidation loan to get rid of bills with easy repayments.
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